Exhibit 11
INTERNATIONAL PAPER COMPANY
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(In millions, except per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||||
Earnings from continuing operations | $ | 149 | $ | 220 | $ | 527 | $ | 877 | |||||||
Discontinued operations | — | (3 | ) | (18 | ) | (36 | ) | ||||||||
Net earnings | 149 | 217 | 509 | 841 | |||||||||||
Effect of dilutive securities | — | — | — | — | |||||||||||
Net earnings – assuming dilution | $ | 149 | $ | 217 | $ | 509 | $ | 841 | |||||||
Average common shares outstanding | 421.2 | 422.3 | 421.0 | 431.8 | |||||||||||
Effect of dilutive securities | |||||||||||||||
Restricted stock performance share plan | 2.2 | 2.9 | 3.2 | 3.4 | |||||||||||
Stock options | — | 0.4 | — | 0.5 | |||||||||||
Average common shares outstanding – assuming dilution | 423.4 | 425.6 | 424.2 | 435.7 | |||||||||||
Earnings per common share from continuing operations | $ | 0.35 | $ | 0.52 | $ | 1.25 | $ | 2.03 | |||||||
Discontinued operations | — | (0.01 | ) | (0.04 | ) | (0.08 | ) | ||||||||
Net earnings per common share | $ | 0.35 | $ | 0.51 | $ | 1.21 | $ | 1.95 | |||||||
Earnings per common share from continuing operations – assuming dilution | $ | 0.35 | $ | 0.52 | $ | 1.24 | $ | 2.01 | |||||||
Discontinued operations | — | (0.01 | ) | (0.04 | ) | (0.08 | ) | ||||||||
Net earnings per common share – assuming dilution | $ | 0.35 | $ | 0.51 | $ | 1.20 | $ | 1.93 | |||||||
Note: If an amount does not appear in the above table, the security was antidilutive for the periods presented.